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Chevron Granted License in Venezuela

Dec. 2, 2022

The US Treasury Department has taken the first step towards easing some of the sanctions imposed on Venezuela, enabling supermajor Chevron to resume limited natural resource extraction operations and crude oil exports to the US.  The Biden Administration’s decision to ease some of the sanctions, implemented by the US in 2019, came after the resumption of talks last weekend between the Maduro government and political opposition groups in hopes this would resolve political turmoil seen in the country. 

Chevron is preparing to ship the first crude oil cargo from Venezuela to the US by late December.  However, we note ...

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Spotlight on India

Nov. 18, 2022

India currently imports most of its crude oil and gas needs and the country exports refined oil products such as ultra-low sulfur diesel and jet fuel, notably to Europe and sometimes the US Atlantic Coast among more “typical” destinations such as Southeast Asia and East/South Africa.  This year, India has shown a strong appetite for discounted Russian crude, and future purchases of Russian crudes by Indian refiners will likely depend on how the EU ban shapes up for seaborne trade and whether these imports will still make economic sense given high freight rates and the resulting market structure.

India ...

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Positive Signs for the MR Segment

Nov. 14, 2022

We continue to see strong prospects for the MR market entering 2023.  A recovery in global oil demand following the pandemic paired with new refining capacity coming online have created positive sentiment for the MR tanker sector.  We have witnessed an increase in ton mile demand as a result of the Russian-Ukraine conflict, a trend we expect to persist in 2023.  A low expected delivery schedule in 2023 and 2024 will likely result in these vessels remaining in high demand.  These versatile tankers continue to operate in an increasing number of regions in the world, capturing about 45% of the ...

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Full Russian Crude Embargo Approaching

Oct. 28, 2022

As the EU embargo on imports of Russian crude approaches on December 5th of this year, we wanted to revisit the topic.  EU nations are mandated to stop buying waterborne Russian crude oil as of December 5th and refined oil products beginning February 5th of next year.  Russia has historically exported approximately 4.5 – 5.0 million b/d of crude oil and about 3.0 million b/d of refined oil products, accounting for approximately 40% of their total export revenue.


As a result of the December 5th sanctions, we project a major contraction of VLCC cargoes ...

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Tight Shipyard Capacity to Slow Delivery

Oct. 21, 2022

Compensated Gross Tonnage (CGT) is a measure established by OECD to compare the labor required to build a ship across different shipyards and countries.  The latest available data confirms that 2022 has been a year of historically high capacity utilization, spread across almost all types of vessels, with 2023 following closely before we begin seeing a drop due to lack of complete future order data.


Chinese shipyards have the top CGT figure for 2022 with a little over 12 million CGT or about 41% of the total, followed closely by South Korea at 11.13 million CGT.  According to a ...

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